Umia Raises $6.1 Million in Token Auction at $18 Million Valuation

Umia has raised $6.11 million through a seven-day token auction, giving the crypto launch platform an $18 million valuation. Out of the total of 49.7 million UMIA, 17.3 million were sold, which corresponds to 34.6%. 

Notably, the tokens were issued in liquid form without locking periods, resulting in large circulation from the launch. This is a departure from the token launches which start off with small supply but have massive unlocks later on.

Institutional Investors Join UMIA Sale

Institutional investors contributed roughly 45% of the capital, while nearly 700 individual bidders also participated. Galaxy Ventures, Digital Currency Group, Draper Associates, Maven 11, and other funds joined the auction.

Moreover, institutional buyers received the same terms as other participants. They gained no board seats or advisory positions.

UMIA later traded around $0.68, li…

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